Ryerson (RYZ) Q4 2025 earnings summary

Executive summary

• Successfully completed an all-stock merger with Olympic Steel, creating North America's second-largest metals service center with over 6,000 employees at 159–160 locations and combined annual revenue exceeding $6.5 billion, processing approximately 2.9 million tons.

• Integration team established to realize $120 million in annual run-rate synergies by early 2028, with 33% expected in year one and full run-rate by early 2028.

• Expanded product and value-added processing portfolio, enhancing margin stability and reducing earnings volatility.

• Extended and expanded revolving credit facility from $1.3 billion to $1.8 billion, enhancing financial flexibility.

• Declared a Q1 2026 dividend of $0.1875 per share.

Financial highlights

• Q4 2025 net sales were $1.10–$1.1 billion, up 9.7% year-over-year but down 4.9%–5% sequentially; average selling prices rose 6.3% year-over-year, with tons shipped down 4.9% sequentially but up 3.1% year-over-year.

• Q4 net loss was $37.9 million ($1.18 per share), compared to a $4.3 million loss in Q4 2024; adjusted EBITDA excluding LIFO was $20.4 million, up from $10.3 million year-over-year.

• Gross margin for Q4 2025 was 15.3%, down year-over-year; excluding LIFO, gross margin was 17.3%.

• LIFO expense for Q4 was $22.5 million, higher than expected.

• Net debt at Q4 2025 was $436 million; leverage ratio improved to 3.1x, targeting 0.5–2x.

Outlook and guidance

• Q1 2026 combined company revenue expected between $1.52 and $1.58 billion; adjusted EBITDA excluding LIFO projected at $63–$67 million.

• Ryerson-only Q1 2026 net sales expected at $1.26–$1.3 billion, with gross margin expansion and net income of $10–$12 million before merger fees.

• Olympic Steel segment to contribute $260–$280 million in revenue and $12–$13 million in adjusted EBITDA, excluding LIFO, for the stub period.

• Capital expenditures for 2026 anticipated at $50 million same-store, or $75 million including Olympic Steel; combined company expects $40–$50 million in annual maintenance capex.